The Malaysian automotive industry shows cumulative growth in 2024 but October 2024 was worse than October 2023.
The Malaysian automotive industry saw positive momentum in October 2024, marking a notable 20% increase in total industry volume (TIV) over September, according to the Malaysian Automotive Association (MAA). This growth is attributed to several key factors, including year-end promotional efforts by automotive brands and a long working month that encouraged more consumer engagement.
Year-Over-Year Performance Highlights
The overall production and sales statistics for October 2024 reflect a mixed performance when compared to October 2023. Production for passenger vehicles saw a slight decrease, with a total of 66,906 units produced compared to 69,475 units in the previous year, a 4% drop. Commercial vehicles also experienced a decline in production, with a total of 4,290 units manufactured, down 9% from October 2023’s 4,716 units.
Despite these decreases, the industry demonstrated resilience over the year-to-date (YTD) period. By the end of October 2024, passenger vehicle production reached 626,364 units, a 4% increase compared to the same period in 2023. This growth signals a steady demand for passenger vehicles within the market.
Sales Performance in October 2024
Sales followed a similar pattern to production, showing a year-over-year decline for October but an overall positive trend in the YTD comparison. Passenger vehicle sales reached 64,322 units in October 2024, a 6% decrease from the previous October. Commercial vehicle sales dropped more significantly, with only 5,537 units sold—a 26% decline from 7,452 units in October 2023.
However, cumulative sales data shows robust growth, particularly for passenger vehicles, which reached 608,225 units sold by the end of October 2024. This represents a 5% increase from 2023. Commercial vehicle sales, while still lower, recorded a total of 55,777 units, resulting in a 16% decline from the previous year.
The MAA also highlighted a 2.4% increase in TIV for the January to October period compared to the same timeframe in 2023. This consistent upward trend in TIV suggests that the market is poised for further growth as the year closes out.
Positive Outlook for November 2024
Looking ahead, the MAA remains optimistic for November 2024, projecting a continuation of October’s positive sales momentum. Year-end promotional campaigns are expected to remain a significant driving force behind this growth, as automotive brands leverage discounts and special offers to attract buyers. With these strategies in place, November’s TIV is anticipated to exceed that of October, potentially making November one of the strongest months for Malaysia’s automotive sector in 2024.
